TODAY COMMODITY MARKET LEVELS AND NEWS OUTLOOK 31 AUG 2017.

Commodity Opening Bell

Bullion - Opens on negative Note Gold -29460-29480 Silver -39550-39600

Energy - Opens on mixed Note Crude Oil -2950-2955 Natural Gas -189-189.50

Base Metals - Opens on positive Note Copper -434.50-435 Nickel -742-743 Lead -151.30-15-151.50 Zinc - 198.70-199 Aluminium -133-133.50

COMMODITY TIPS

COMMODITY MARKET NEWS

Gold prices corrected sharply in the last two sessions after making 9 months high of 29937 in the previous session. Prices have retested and taken strong support around the same level after breaking out its short term declining trend line resistance. Prices are expected to rise from these levels towards immediate resistance placed around its recent high of 29937. On the lower side immediate supports are placed around 29450 and 29170 levels.

Crude Oil prices rebounded slightly in the last session after falling sharply in the previous few sessions. Prices have given a breakdown from its short term rising trend line support and are expected to fall further from these levels towards next strong support placed around 61.8% Fibonacci retracement of its rally from low of 2732 till high of 3234, which is placed around 2924 level. On the higher side immediate resistances are placed around 3010 and 3060 levels.

Natural Gas prices have corrected slightly in the last session after prices took strong resistance around its short term declining trend line of the falling wedge chart pattern. Prices have given a failed breakout from its declining trend line resistance and were not been able to sustain above the same. Prices are expected to fall further from these levels towards immediate strong support placed around its recent swing low of 182.20. On the higher side immediate resistances are placed around 190 and 193.50 levels.